Barratt Developments profit up 10% as completions rise

SarahTurner

LONDON (MarketWatch) -- U.K. home builder Barratt Developments
BDEV, +0.00%
said Wednesday that its first-half net profit rose to 126.1 million pounds, or 51.6 pence a share, from 114.8 million pounds, or 47.5 pence a share, a year ago. Sales edged up to 1.19 billion pounds, from 1.17 billion pounds a year ago. The company said its performance was driven by further growth in completions, an improved product mix and increased average selling prices. Housing completions rose 2.9% to 7,206 homes while average selling prices remained virtually flat at 165,000 pounds. Housebuild operating margins increased to 16.3% up from 14.8%. The company said that, whilst the fundamentals of the housing market remain sound, there is uncertainty over further changes to interest rates and the effect these may have on housing demand.

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